• Drilling returns more +100m high-grade lithium intercepts
  • Results extend extensive lithium mineralisation within the AP011 pegmatite along strike and at depth
  • Infill drilling maintains consistency of lithium mineralisation
  • Drilling to start at Target Area 3, the top-ranked target in pre-drilling groundwork

 

Azure continues to highlight the significance of its already stunning Andover lithium discovery in Western Australia’s West Pilbara region with drilling returning more high-grade lithium intersections.

While originally explored for nickel-copper-cobalt sulphides, the intersection of thick, lithium mineralisation (105m at 1.26% Li2O) in June this year proved transformative for the company with shares up more than 350% since then.

Subsequent drilling at the project, which is owned in partnership with legendary prospector Mark Creasy’s Creasy Group (40%), has proved that the discovery hole was no fluke with multiple +100m intersections along with a chart topping 209.4m interval grading 1.42% Li2O.

Notably, exploration has confirmed that lithium-bearing pegmatites are present across a 9km by 5km area.

The ongoing exploration success was enough for Azure Minerals (ASX:AZS) to raise $130m from the market with backing from Sociedad Quimica y Minera de Chile (SQM), one of the world’s largest lithium producers, which increased its stake in the company up from 19.8% to 19.99%.

Whilst $120m of this was raised through a strongly supported private placement, the equally strong response to the $10m share purchase plan led to the company closing the SPP early – a rare occurrence.

Proceeds will be used to accelerate lithium exploration at Andover.

Azure Minerals (ASX:AZS)
The Andover lithium project showing pegmatite outcrops and target areas. Pic: Supplied (AZS).

 

Consistent lithium hits

Azure has now delivered more +100m intersections of high-grade lithium in the AP0011 pegmatites:

  • 104.7m at 1.61% Li2O from 325.8m (ANDD0239);
  • 132.3m at 1.25% Li2O from 122.2m (ANDD0244); and
  • 101m at 1.22% Li2O from 132m (ANRC0007).

The results extend the extensive lithium mineralisation within the AP011 pegmatite both down-dip and along strike whilst infill drilling continues to demonstrate the strong internal continuity of the mineralisation with tightened drill spacing pushing it closer to a resource estimate.

To date, the company has completed 55 diamond holes totalling 20,525m and 86 reverse circulation holes for 17,238m.

 

Further drilling

Azure currently has one RC and three diamond rigs carrying out a combination of exploration and infill drilling in Target Area 1.

Another two diamond rigs are currently drilling the pegmatites at Target Area 2.

The company is also clearing tracks and drill pads at Target Area 3 following the receipt of approvals.

Drilling at Target Area 3 is expected to start next week, a prospect that is exciting given that the pegmatites in the area were the highest ranked lithium targets defined by pre-drilling groundwork at Andover.

 

 

This article was developed in collaboration with Azure MInerals, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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